News

  • Robust demand for townhouses and condos continued to drive the Greater Vancouver housing market in September. The sales to active listings ratios indicate that these product types remain firmly entrenched in a seller’s markets while detached homes remain in the balanced market, as observed for several months now.

    Benchmark prices for all residential property types were up month over month. However, townhomes (1.1%) and condos (1.4%) showed much stronger price growth than detached homes. Detached homes showed a negligible price growth of 0….

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  • Coming back from the summer break, the Fraser Valley market stats are telling quite different stories for the attached and detached segments of the market.

    Townhomes and apartments continue to increase their lead over detached homes, counting for more than half of all home sales. Benchmark prices are up month-over-month again for attached homes, with apartments leading the charge at a 2.5% price increase. Days on market remains steady at less than 3 weeks with continued low supply and strong demand holding sale prices above list price. The a…

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  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q2-2017 is now available. View the report here. The below is from a September 12, 2017 press release from UDI which can be seen in its entirety here:

    Throttled Supply of New Multi-Family Housing Worsens

    VANCOUVER, BC —New multi-family housing supply continues to decline with zero new townhomes or concrete apartments completed and move-in ready in Vancouver. Only 31 apartments were ready for occupancy in the entire Metro Vancouver region at the end of June 2017, shown in UDI…

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  • Despite its traditional reputation as a quiet month, August activity in the residential markets North of the Fraser River was notable, particularly in the multi-family sectors. For all residential product types, REBGV is reporting an increase in unit sales of 19.6% above the August sales average, a 2.8% increase over July 2017 and a 22.3% increase over July 2016.

    Despite seeing listings decline nearly 18% month over month, the condominium market recorded a 10% increase of completed transactions over July 2017, and a 20% increase over August …

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  • Looking back over the past 10 years of statistics, August is always a slow month. What’s interesting about this August is that it appears to have slowed considerably less than normal. Active listings are down as fewer new listings came to market but sales are up in both multi-family product categories. Furthermore, over the past 5 years detached homes have decreased 19% to 29% in August. This past August detached home sales decreased by less than half of that, falling only 9%. These statistics indicate that demand remains strong across all re…

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  • Consistent with a typical summer lull, the July statistics for the Fraser Valley are showing double digit decreases in sales (20-28%) and corresponding increases in inventory. For context, July 2016 (reminder: this was before the implementation of the foreign buyer tax) reported even greater decreases in sales, over 30% in townhomes and condos. The July 2017 decrease is normal for this time of year.

    Consistent with the seasonal trend, July statistics also show a slight increase in days on market and a decrease in the sale price as a percent …

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  • Two days of council deliberation and a dozen council-initiated amendments later, the draft Brookswood-Fernridge OCP failed to be given 3rd Reading on July 11th. There was visible frustration among the Mayor and council members as 16 months of planning and public engagement failed to generate an OCP update which the majority of council could stand behind.

    Over the two days of deliberation, council members brought forward an extensive list of 28 amendments for consideration. Of the amendment proposed, 12 were passed by council and include:

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  • There’s a new addition to our monthly infographic! In an effort to raise the bar, we will now be including our team’s opinion of current market revenue figures for new construction townhomes, wood-frame condos and detached homes. We have focused on the two most active development areas of the Fraser Valley: South Surrey and Willoughby.

    Now back to regularly scheduled programming…

    June was the month of the condo in the Fraser Valley with aggressive price increases, a drop in active listings, a further reduction in days on market, and…

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  • June has seen two plans moved forward by the Township of Langley municipal council:

    The Brookswood-Fernridge Official Community Plan (OCP) was given 1st and 2nd reading by council on June 12 and a special public hearing was held on June 27, 2017.
    The Smith Neighbourhood Plan, in Willoughby, was adopted by council on June 26, 2017.

    Brookswood-Fernridge

    Land use map from proposed Brookswood-Fernridge Official Community Plan.

    The Brookswood-Fernridge OCP was granted 1st and 2nd reading on June 12, despite some councillors wan…

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  • It was a full house for UDI Fraser Valley’s forecast lunch on June 21, an event that has increased in popularity each year and is expected to continue to grow as the “centre of gravity shifts” east in the Lower Mainland and more development and investment is focused on the Fraser Valley.

    Century Group’s Bob Ransford mediated the event with a panel including Don Campbell, Senior Real Estate Analyst at REIN Canada, Christine Butchart, Regional Economist for BC at CMHC, and Scott Brown, President & CEO of Fifth Avenue Real Estate Ma…

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  • There’s a new addition to our monthly infographic! In an effort to raise the bar, we will now be including our team’s opinion of current market revenue figures for new construction of townhomes, condos and single family homes. We have focused on the two most active development areas of the Fraser Valley: South Surrey and Willoughby.

    Now back to regularly scheduled programming… May was another aggressive month of price increases in the Fraser Valley. The benchmark price of all three residential categories rose by approximately 3% month …

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  • By Kyle Dodman, Industrial Sales & Leasing, Frontline Real Estate Services Ltd.

    On May 17th, the City of Abbotsford hosted one of their first public events regarding the municipality’s Plan for 200k; Building the Hub of the Fraser Valley. This plan has been put in place to assess how the City of Abbotsford can grow into the “city of the future” with a population of 200,000 residents. The plan covers a variety of projects that act on the plans outlined in the updated Official Community Plan (OCP). The topic of the May 17th event was…

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  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q1-2017 is now available. View the report here. The below is from a May 29, 2017 press release from UDI:

    New Multi-Family Housing Availability Falls Off a Cliff Across Metro Vancouver

    VANCOUVER, BC —Availability of new multi-family housing has reached historic lows with zero new townhomes completed and move-in ready in Vancouver, and only 16 townhomes and 15 condos ready for occupancy in the entire Metro region (Lower Mainland) at the end of March 2017. These startling find…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    On May 16th, the Township of Langley hosted an open house at the George Preston Rec Centre to showcase the draft OCP for Brookswood-Fernridge. The plan provides a high-level development guide for the undeveloped area of Brookswood-Fernridge with a variety of densities centred around two higher density nodes on 200 Street at 32nd and 24th Avenue, and cascading down towards the agricultural land reserve to the East.

    The key take-aways from the open house …

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  • Port Kells remains one of the most sought after industrial submarkets in suburban Metro Vancouver. Below, we consider what makes Port Kells so desirable, the impact of this popularity, and how Port Kells compares to other industrial submarkets in the Fraser Valley.
    PORT KELLS: THE PLACE TO BE
    Port Kells has some of the highest lease and sale prices in the Fraser Valley, this trend is justified due to Port Kells superior characteristics, including:

    LOCATION, LOCATION, LOCATION

    Adjacent to 4 major highways: Trans-Canada Highway (Highw…

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  • Total inventory for the Valley remains at all-time lows as we push further into a strong Spring market reminiscent of 2016.

    Prices continue to climb rapidly with the benchmark price of a detached home reaching a new 10 year high – even above the height of the market in 2016. Even the 17% increase in townhome listings couldn’t stop the benchmark price from increasing 3.2% over March 2017. Condos rose a similar 3.1%.

    Days on Market continued to fall in April, reaching levels not seen since September of 2016. Apart from June and July of …

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    Andy Ramlo is the man behind Bob Rennie’s numbers and has a uniquely entertaining approach to the nerdy side of the real estate market. Ramlo, the Vice-President of Market Intelligence of the Rennie Group and Executive Director of the Urban Futures Institute, presented to a full house at a UDI luncheon in Vancouver on April 20th. Here are the key take-aways from his presentation:

    Signs point towards a tight spring market with continued upward pressure on …

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    The Township of Langley’s planning department, along with consultants from Modus, have been hard at work driving the public engagement portion of the OCP update process for Brookswood and Fernridge. Last night (April 12, 2017) they hosted the last of 9 public workshops aimed at collecting community input on housing design for the multi-family component of the new plan.

    The workshop attendees were split into small groups, each facilitated by a member of TO…

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  • Welcome Spring market! The key Fraser Valley real estate metrics in March have the month nearly on par with June of 2016, just before it reached its peak.

    Month over month, sales spiked in all three product categories while active listings increased less than 4% in all residential product categories and decreased by 1% in townhomes. The result is a sales to active listings ratio at or above 100% for multi-family product and detached homes shooting way into a seller’s market.

    The lack of supply and incredible demand pulled the average …

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  • The map below outlines the average selling price per acre of residential development land in each of the major development neighbourhoods in South Surrey for sales in 2016. It is worth noting that the average selling prices shown in the enclosed are of transactions over the course of 12 months. In a market that has generally been trending upward, there will be many properties that would outperform these averages if sold today.

    Accompanying the map are updates on the status of each neighbourhood, as the status greatly impacts the selling pri…

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  • 2016 was an extraordinary year for residential development land in South Surrey. The hot zones identified in our State of the Market Report this time last year saw over twice as much land sell than over the same period last year, keeping South Surrey firmly in the number 1 position as the hottest residential market in the Fraser Valley.

    By mapping all current development applications in South Surrey we are able to visually identify the areas with the highest concentration of future development. The green highlighted regions on the map below …

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  • This project profile, The Perfect Home for a Langley Lifestyle, first appeared on REW.ca on March 8, 2017.

    Over the past several years, first time home buyers, young families and those who love the outdoors, have been moving into Langley for its combination of urban sophistication and its rural, idyllic countryside.

    One of the most exciting revitalized neighbourhoods in Langley is Yorkson, which has a strong sense of community and connectivity, where people who live here really feel a sense of belonging, where neighbours know each ot…

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  • Is the market back in the Fraser Valley? It sure looks like it with the key metrics indicating we have reached the turning point.

    The benchmark price of a detached home in the Fraser Valley has been falling since August 2016. The decline has decelerated in recent months and in January that price decrease was down to 0.05%. The price increase in February is the first increase in over 6 months, marking what appears to be the official end of the decline.

    Sales are way up in all three product categories, month over month, despite only minimal…

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  • 2016 saw a substantial increase in industrial real estate activity in Abbotsford and Gloucester. Strata units, industrial zoned land and freestanding building sale prices all increased across the Fraser Valley, with lease rates also increasing in early 2017. There was a good level of absorption across all industrial product types, which means the majority of properties that came to market were sold/leased. The absorption and transaction volumes in both areas demonstrate the ever-increasing demand for industrial real estate in the eastern Frase…

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  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q4-2016 is now available. View the report here. The below is from a February 20, 2017 press release from UDI:

    Only eight new townhome units were completed and available for purchase across the entire lower mainland region at the end of December, according to UDI’s latest fourth quarter State of the Market 2016 Research Report on population growth, new home sales and supply.

    “The report confirms that doing nothing, blaming foreign buyers, or introducing new, punitive taxes…

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  • 2017 Outlook: Optimism

    In Willoughby, demand remains incredibly strong for well-located land with a townhome or apartment land use designation. This demand exists as a function of the townhome and apartment markets maintaining strength despite a softening of the detached home market. We anticipate land prices to remain relatively flat for at least the first half of 2017 except in neighbourhoods where servicing challenges become resolved or where advances are made on the neighbourhood concept plan. For example, both the Williams and Smith nei…

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  • The Fraser Valley Real Estate Board’s statistics have been tallied for January and they confirm that it’s been a strong start to the year.

    The dramatic decrease in sales that we’ve seen since Spring 2016 has slowed considerably with a significant injection of inventory. Active listings of condos are up 28% while townhomes saw a 41% increase. Active listings of detached homes also saw the first meaningful increase (10%) in 6 months.

    Despite this injection of inventory, sales are still down very slightly month over month. We would hav…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    Over 1,200 UDI members packed a Hyatt Regency ballroom to hear this year’s forecast lunch presented by UDI Vancouver. Jon Stovell, President & CEO of Reliance Properties moderated a panel of development moguls including Andrew Grant of PCI Developments, Brian McCauley of Concert Properties and the ever-entertaining Eric Carlson of Anthem Properties.

    This time last year we were listening to UDI Vancouver’s panel of development experts forecast …

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  • This article Zetter Place merges country living with an ‘urban esthetic’ by Mary Frances Hill was originally published in The Province on January 19, 2017.

    Zetter Place
    Where: 8520 204th Street, Langley
    What: 82 townhomes at Yorkson Creek, Langley
    Residence sizes and prices: 1,232 — 1,978 square feet from $419,900 for A plan (two-bed-plus-den); from $489,900 for C plan (three-bed with side-by-side garage); from $599,900 for B plan (four-bed)
    Developer and builder: Lanstone Homes
    Sales centre: 8520 204th Street, Langley
    Hours…

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  • CMHC announced January 17th that it is increasing its homeowner mortgage loan insurance premiums effective March 17, 2017. Premiums will be changing as follows (courtesy of CMHC):

    “We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, Senior Vice-President, Insurance. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.” CMHC regularly reviews its premiums and sets them at a level …

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